Today’s world is precisely mapped by data generated on all aspects of everyday life. Why it’s not so bright with its utilisation across the industry?
Financial institutions are still focusing on the regulatory changes and digital user experience. We saw clients spending more than 60% of overall change budget on the regulatory projects, these barriers have often caused to rationalize or sidetrack its data and analytics efforts.
The wider usage of data in your decision-making process will, however, help you to better understand yourself and your customers, improve your operational efficiency and customer satisfaction, before they turn to competition.
My background is in quantitative finance, I enjoy to work with data and understand the patterns where no one sees them. I worked on several engagement where combination of data, analytics and looking at the bigger picture (strategy) brought two digits ROI. In a new series of articles I will describe the nature of organisational changes as well as how and where to leverage the analytics.
McKinsey have identified 7 steps, Capco is working with 5 areas, I tend to simplify and stay with 4 key components which are must have:
- Infrastructure & Data Access
- Data Governance
- Business Acceptance
I will describe each of the 4 components, how to better understand yourself and your customers, how to specify areas for operational efficiency improvement, optimise pricing or increase customer satisfaction by offering products and services they want, before they go to competition.